July 16 - Former chief operating officer of Barclays, Jerry del Missier, has appeared before a House of Commons Treasury Select Committee to answer questions as part of a probe into the Libor interest rate rigging scandal. Ciara Sutton reports.
The man who was Chief Operating Officer at Barclays is the latest executive to be grilled over the Libor inter-bank interest rate rigging scandal. Jerry del Missier quit the bank two weeks ago. He spoke giving the green light for employees to submit lower rates to the London Interbank Offered Rate, after a conversation with former then-Barclays CEO Bob Diamond, (SOUNDBITE) (ENGLISH) FORMER BARCLAYS CHIEF OPERATING OFFICER, JERRY DEL MISSIER, SAYING: "I passed the instruction as I had received it on to the head of the money markets desk. (QUESTION: And what did you say to him when you passed that instruction?) I relayed the content of the conversation I had with Mr. Diamond, and fully expected that the Bank of England's views would be incorporated in the Libor submissions." When asked whether the instruction to his colleagues had been a simple decision "made over a cup of coffee", the former executive said it had not been a big deal. (SOUNDBITE) (ENGLISH) FORMER BARCLAYS CHIEF OPERATING OFFICER, JERRY DEL MISSIER, SAYING: "There were many big events going on in this period Mr Chairman. The entire financial system was hanging in the balance, and in the grand scheme of everything that was going on, it didn't seem a significant event. Barclays was fined a record 450 million dollars last month by U.S. and British authorities after it admitted trying to manipulate Libor between 2005 and 2009. Del Missier was the trusted investment banking lieutenant of Bob Diamond, who faced the committee last week. It is hoped that his evidence will shine more light on who knew what at Barclays, after some branded Diamond's testimony as misleading. Ciara Sutton, Reuters